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a remaining useful life of one (1) year or more shall be <br />defined as a "Component". Fieldcrest shall give the City 15 <br />days written notice before any replacement by Fieldcrest of <br />a Component not described in the following sentence. <br />Because time is of the essence and the operational require- <br />ments for the uninterrupted production of water through the <br />Water Treatment Facility are critical, City agrees that <br />Fieldcrest may, in its best judgment, proceed with the <br />necessary replacement of any Component, without prior <br />approval or consent by City so long as the total cost, <br />including labor, materials and parts, does not exceed fifty <br />thousand dollars ($50,000.00) for the replacement of any <br />Component. Notwithstanding the foregoing, Fieldcrest shall <br />not have the right to r. eplace any Component in a manner that <br />would cause a violation of public bid laws. Fieldcrest will <br />not expand or extend the Water Treatment Facility without <br />the City's prior writte9 consent. Fieldcrest agrees to use <br />its best efforts, taking into account the circumstances and <br />the necessity for the continued, uninterrupted operation of <br />the Water Treatment Facility, to complete any required <br />repairs and replacements in a cost effective manner. <br />January of each year representatives of Fieldcrest and City <br />shall meet and determine estimates for expenditures during <br />the next fiscal year for replacements of Components. <br /> <br /> c. Fieldcrest shall maintain all operational records, <br />specifically including all records required by any federal <br />or state regulatory agency and all accounting and expense <br />records for the operation of the Water Treatment Facility. <br />City shall have the opportunity to review and receive copies <br />of such records upon reasonable request. <br /> <br /> d. Fieldcrest shall operate the Water Treatment <br />Facility in compliance with all regulations and requirements <br />promulgated by the North Carolina Division of ~ealth Ser- <br />vices and the North Carolina Department of Natural Resources <br />and Community Development - Division of Environmental <br />Management and all other regulations and requirements <br />promulgated by any federal or state regulatory agency now in <br />effect or in effect at any time during the term of this <br />Agreement. Fieldcrest shall prepare all plans, permit <br />applications and correspondence for City approval to assure <br />compliance with all backwash ~ischarge and sludge disposal <br />requirements. Fieldcrest shall prepare and apply for all <br />permits required by any governmental or regu!at~y agency in <br />connection with the Water Treatment Facility on behalf of <br />City, such permits to be in the City's name. <br /> <br /> e. Fieldcrest shall indemnify and hold City and <br />Subsidiary harmless from any costs, damages, losses and <br /> <br />-3- <br /> <br /> <br />